Lockdown Spurs Sales of Bigger Apartments

Sales of medium-sized and large apartments are rising again after appearing shunned and only smaller homes, perhaps because people prefer a bit more space in lockdown.

Based on the Korea Real Estate Board early on this week, 8,764 apartments were sold previous month, up 85.5 percent when compared to previous month. Revenue of apartments measuring a lot more than 85 sq.m surged 95.8 percent, while those of apartments measuring 61 to 85 sq.m increased 85.1 percent and the ones of tiny apartments under 60 sq.m 81.8 percent.

The proportion of medium to large apartments rose from 13.8 percent in March this past year, when the coronavirus pandemic just started, to 18.1 percent in December.

Prices increased markedly. Those of apartments measuring more than 135 sq.m increased 0.12 percent a week for five weeks.

One reason for the trend is definitely that people need more space if they're going to be cooped up in the home all the period due to the coronavirus epidemic, but a shortage of smaller sized spaces can be a factor.

Pundits said prices of compact to mid-sized apartments increased a whole lot more than the last 3 to 4 years, narrowing the gap with medium to large-sized apartments, while a good crackdown on multiple-residence owners boosted the desire for just one large home instead of several small ones.